Abandoned Resort For Sale In St Lucia
Le Paradis Beach, Golf & Marina Resort is an Abandoned Resort For Sale In St Lucia. It is a 608 acre multi-phased five star master-planned luxury destination resort on St. Lucia which is un-finished. Le Paradis project envisaged development in four phases but was unfortunately stalled in 2008, went in receivership in 2009 and Phase 1 was 52% complete.
Le Paradis development is located in Praslin which is on the south-eastern sea board of the island, about 20 minutes away from Hewanorra International Airport.
Key Original Features Of Le Paradis Resort
- Le Paradis elevations are from sea-level to 620-feet above sea-level. Every residence is guaranteed to have phenomenal vistas of the bay, marina or ocean.
- An 18-Hole Championship Masterpiece designed by the Legandary Greg Norman.
- The Award Winning, Upper-Upscale Starwood-Westin Hotel and Resorts would be the Hotel-Operator for the Ocean Point and Ocean Reef Collection.
- The Ocean Point and Ocean Reef Collection of Residences are Fully Furnished with Luxurious and Designer Furniture, Fixtures and Equipment.
- 608 lush and pristine acres of 5-Star luxury residences, amenities and services.
- Troon Golf managed signature course designed by Greg Norman. 18 Ocean View Holes on what is expect to be among the most photographed courses in golf.
- Le Paradis’ golf clubhouse site 275-feet above sea-level and boasts breathtaking views of the bay, the marina, the residences, ocean and horizon.
- A 42-berth Marina accommodating yachts up to 200-feet in length and a Luxury Marina Village will be part of Le Paradis’ second phase.
- Nature trails and eco-tourism activities on the property and the surrounding areas.
- Also in phase 2 (the “Sophisticated Phase”) will be a along with a 5-star Boutique Hotel, an Accredited Wellness Medical Spa & a Commercial center with upscale shopping boutique.
2020 – Facts About Le Paradis Hotel In St Lucia For Sale
Late 2008 the Bank experienced severe liquidity constraints and on January 31, 2009 the project went into receivership.
- Sale Price – USD$29M
- Current asset value is over USD$250M
- Substantial construction and grading occurred with records indicating over USD $85,000,000 in expenditures. Grading for the golf course was completed but substantial erosion has occurred over time.
- 18 buildings of 3 & 4 storey heights in various stages of completion exist on the site. Four of which have been found structurally unsafe or questionable..
- One “activities centre” block.
- A large conglomerate structure housing the hotel project central facilities mainly on two floors.
- Two wells with then proven production of clean water at 300,000 gallons per day are in place but have not been checked or serviced in years.
- Tax concessions granted by the Saint Lucia Government remain in force.
- The original resort was marketed on a condominium concept and that approval had been advertised as granted by the Government of Saint Lucia (GOSL) for several financial incentives including:-
a. Income tax and withholding tax exemption on rental income earned.
b. Alien landholding licence fee waiver.
c. Waiver of Income Tax.
d. Stamp duty exemption.
e. Vendor’s Tax exemption.
- Le Paradis is identified as a flagship development for the tourism industry of Saint Lucia.
- This project is viewed as an important catalyst for economic development of the surrounding communities.
- Queens chain lease is current.
- All utilities are either in the vicinity or adjacent. Final connections of the services will be
required after project completion and inspection. A sewerage treatment plant will be required.
- All necessary approvals or waivers from the Development Control Authority, the
architectural, engineering and golf course designers can be readily obtained.
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